Non-energy sector improved $1b in 2019

The Ministry of Trade and Industry has announced that the value of TT’s total non-energy exports grew by 22 per cent and more than one billion dollars in the first half of 2019.

The ministry in release reported that non-energy exports rose from TT $4.97 Billion during January to June 2018 period compared to TT $6.07 Billion over the period January to June 2019.

“Non-energy exports performed well in a series of products and sectors to both traditional and non-traditional markets including those in Latin America, the Caribbean and the European Union (EU).”

The highest increases were for non-alcoholic beverages (63 per cent) in Jamaica (110 per cent), rum and other spirits (48 per cent) in Grenada (82 per cent), plastic bottles (43 per cent) in St Vincent and the Grenadines (42 per cent), and chocolate and other cocoa preparations (40 per cent) in Jamaica (37 per cent).

The ministry noted that it is responsible for the growth and expansion of the non-energy sector in Trinidad and Tobago.

“This improvement in the country’s non-energy export performance from 2018 to 2019 is directly attributable to various measures undertaken by the Ministry and its agencies such as exporTT and other stakeholders to boost the performance of the non-energy sector over the past four years.

“In particular, the Ministry of Trade and Industry, and by extension the Government, continues to play a leading role in stimulating the non-energy sector by creating lucrative and valuable avenues through which the private sector can benefit immensely including the development of new and innovative products, processes and export markets.”

The ministry said it has also been working dedicatedly to enhance market access for local manufacturers to new and differentiated export markets by actively pursuing bilateral trade agreements with countries of strategic interest such as Chile and Curacao among others.

“Additionally, the Ministry has also been resolute in its pursuit of trade missions to targeted countries such as Canada, Costa Rica, Cuba, the Dominican Republic and Panama among others.” The ministry said it has also been focused in executing its mandate to create new economic spaces and infrastructure to facilitate private sector development especially in the non-energy sector. These include, but are not limited to, the development of the Moruga Agro-Processing and Light Industrial Park, the Phoenix Park Industrial Estate in Couva and the completion of 21 lots at the Tamana InTech Park in Wallerfield.

The ministry added that to guide this overall thrust to improve and expand the non-energy sector in Trinidad and Tobago, the Government also launched a National Trade Policy (2019-2023) and a Special Economic Zones Policy for Trinidad and Tobago in 2019. “These policies continue to serve as roadmaps to guide the progress of the non-energy sector in 2020 and beyond.”